Press Releases

First Asset Funds Inc. Announces August, 2008 Distributions

TORONTO, Aug. 20, 2008 - First Asset Funds Inc. announces the following confirmed distributions for the month ending August 31, 2008. In all cases, the distribution will be paid on or before September 15, 2008 to unitholders of record on August 29, 2008.



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Pre-Tax
Distribution TSX Interest
TSX Amount Trading Annualized Equivalent
Name Symbol (per unit) Price (a) Yield (b) (c)
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First Asset Yield
Opportunity Trust
- Series A FAY.UN $ 0.1458 $ 18.77 9.32% 13.36%
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First Asset Yield
Opportunity Trust USD
- Series B FAY.U $ 0.0440 $ 5.33 9.91% 14.20%
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Global 45 Split Corp.
- Class A Shares GFV $ 0.10 $ 10.90 11.01% 15.78%
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First Asset REIT
Income Fund RIT.UN $ 0.07 $ 10.21 8.23% 11.43%
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First Asset Income
& Growth Fund IGF.UN $ 0.05833 $ 7.91 8.85% 11.92%
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First Asset Pipes
& Power Income Fund EWP.UN $ 0.05833 $ 6.75 10.37% 13.06%
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First Asset/BlackRock
North American
Dividend
AchieversTM Trust BDA.UN $ 0.05 $ 7.30 8.22% 11.78%
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Split REIT
Opportunity Trust
- Capital Units SOT.UN $ 0.0875 $ 12.10 8.68% 12.44%
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Utility Split Trust
- Capital Units UST.UN $ 0.09688 $ 10.69 10.88% 14.64%
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(a) As at close on August 18, 2008. (b) Based on trading price as at August 18, 2008. (c) Estimated - based on Ontario tax rates.

For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289, or visit www.firstasset.com.